Matrixport Says Bitcoin Is Headed For $56,000, Here’s The Driver
The post Matrixport Says Bitcoin Is Headed For $56,000, Here’s The Driver appeared on BitcoinEthereumNews.com. Crypto financial services platform Matrixport has predicted that an approval of a spot Bitcoin ETF by the US Securities and Exchange Commission (SEC) could push the price of Bitcoin between $42,000 and $56,000 per unit. BTC, the world’s largest cryptocurrency, has experienced notable increases in value throughout the current week, with the aim of surpassing the significant threshold of $30,000. The cryptocurrency has been influenced by the operations of a spot Bitcoin Exchange Traded Fund (ETF) as investors continue to await approval to onboard institutional and mainstream exposure to the digital asset. Bitcoin Is Headed For $56,000 Matrixport conducted an analysis in its newly released report, examining the potential effects of a spot Bitcoin exchange-traded fund (ETF) on the cryptocurrency market, with a specific focus on BTC. Applications for these investment vehicles have gained momentum in recent months, with many now expecting a green light from the SEC. The report draws a parallel close to the $120 billion precious metals ETF industry. If just 10–20% of investors in precious metal ETFs diversified their holdings into Bitcoin ETFs, it would result in an influx of $12b billion to $24 billion into these investment vehicles. According to Matrixport, an approval, particularly a BlackRock Bitcoin ETF application, would see leading stablecoin USDT increase by as much as $50 billion in market cap. This, in turn, would lead to Bitcoin’s price rising to $56,000, with Tether acting as an intermediary facilitating the inflow of investments to BTC. “Our earlier reports analysed the 15,000-strong US registered investor advisor (RIA) community overseeing around $5 trillion. This group holds immense potential, and even a modest 1% allocation recommendation for Bitcoin would usher in around $50 billion in inflows,” the report said. A lesser influx of $24 billion into Tether would see BTC rise to $42,000 in the…
The post Matrixport Says Bitcoin Is Headed For $56,000, Here’s The Driver appeared on BitcoinEthereumNews.com.
Crypto financial services platform Matrixport has predicted that an approval of a spot Bitcoin ETF by the US Securities and Exchange Commission (SEC) could push the price of Bitcoin between $42,000 and $56,000 per unit. BTC, the world’s largest cryptocurrency, has experienced notable increases in value throughout the current week, with the aim of surpassing the significant threshold of $30,000. The cryptocurrency has been influenced by the operations of a spot Bitcoin Exchange Traded Fund (ETF) as investors continue to await approval to onboard institutional and mainstream exposure to the digital asset. Bitcoin Is Headed For $56,000 Matrixport conducted an analysis in its newly released report, examining the potential effects of a spot Bitcoin exchange-traded fund (ETF) on the cryptocurrency market, with a specific focus on BTC. Applications for these investment vehicles have gained momentum in recent months, with many now expecting a green light from the SEC. The report draws a parallel close to the $120 billion precious metals ETF industry. If just 10–20% of investors in precious metal ETFs diversified their holdings into Bitcoin ETFs, it would result in an influx of $12b billion to $24 billion into these investment vehicles. According to Matrixport, an approval, particularly a BlackRock Bitcoin ETF application, would see leading stablecoin USDT increase by as much as $50 billion in market cap. This, in turn, would lead to Bitcoin’s price rising to $56,000, with Tether acting as an intermediary facilitating the inflow of investments to BTC. “Our earlier reports analysed the 15,000-strong US registered investor advisor (RIA) community overseeing around $5 trillion. This group holds immense potential, and even a modest 1% allocation recommendation for Bitcoin would usher in around $50 billion in inflows,” the report said. A lesser influx of $24 billion into Tether would see BTC rise to $42,000 in the…
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